Welcome to the second installment of our two-part series on nonprofit revenue recognition. In the first post of this two-part series we: Covered the history and background for the new revenue recognition standards; Explained how to distinguish between contributions and exchange transactions (important for today’s blog post); and Gave an overview of conditional contributions and…
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We have a few timely online learning opportunities to share with you! New Mediator Course In this era of strife we love that our friend Kate Otting, a professional mediator, has created several affordable online course packages for becoming a mediator. One thing that distinguishes her course from others is the wealth of practice you…
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No one likes audit surprises. Seems like they never go in your favor. One place you may stumble into an audit surprise is with the new revenue recognition standards. One standard applies only to nonprofits and covers contributions. The other standard applies to all entities, for-profit and nonprofit, and covers exchange transactions. We’ll explain these…
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Our world has experienced a seismic shift. No doubt many of you are rethinking priorities and questioning what you thought to be true. You are racing to learn about new coronavirus relief programs. You’re scrambling to shift to online formats for everything from fundraising events to board meetings to programs. With so much going on,…
Read MoreAs a result of the coronavirus pandemic, your organization may be eligible for Federal financial assistance. Below we highlight three programs that can help nonprofit organizations. Time is of the essence. Please read and act now. 1. Paycheck Protection Program Starting this Friday, April 3, 2020, nonprofit organizations and other small businesses affected by the…
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He was the executive director of the local United Way. He had also served as mayor in their small town of Milton, Florida for 20 years. By all appearances, he was an esteemed community leader and philanthropist. He was also perpetrating a nonprofit fraud by pocketing hundreds of thousands of dollars in stolen donations meant…
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You are probably thinking, “It’s about time you wrote a post on restricted grants!” We weren’t ignoring you. Really. Restricted grants are a huge, complicated area. So huge and complicated, in fact, we decided we needed to create a course to cover this topic. Everything from understanding the many different types of grants to learning…
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We agree – on our list of Least Favorite Things is studying nonprofit accounting by yourself. Nonprofit accounting can be tedious and boring. (Alright, SOME of you accounting nerds out there love this stuff. Just bear with us.) What’s the point of memorizing a bunch of rules about debits and credits? Now consider a nonprofit…
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The employees of your nonprofit organization have worked hard all year for way less than they’re worth. Wouldn’t it be nice to give each one a holiday bonus as a thank you? Cash Bonuses Each holiday season we see nonprofit organizations pay cash bonuses to employees outside the normal payroll process. We need to address…
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Let us guess. What you really want is not just basic 1099-MISC instructions. You want the inside scoop on how to deal with this task so you can cross it off your list. You want peace of mind that you are complying with IRS requirements. And if you’ve ever been through a “hair on fire” January…
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